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RESOLUTION NO. 82-90
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE
ISSUANCE OF A PROMISSORY NOTE TO PARTIALLY FINANCE
THE COST OF CONSTRUCTION OF THE SOUTH COUNTY WATER
SYSTEM.
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WHEREAS, Indian River County has undertaken to construct
a South County Water System, and
WHEREAS, t`,e cost of the cunscruction is anticipated to
be funded from the sale of bonds to the Farmers Home
Administration together with the use of certain grant funds from
Farmers Home Administration, and
WHEREAS, the construction of the plant is o^curring
ahead of the originally anticipated schedule and the grant funds
to pay for the construction will not be available in time to meet
construction draw schedules.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that the attached
promissory note is approved and the Chairman and Clerk of the
Board of County Commissioners are authorized to execute the
promissory note on behalf of Indian River County.
The foregoing resolution was offered by Commissioner
Patrick B. Lyons, who moved its adoption. The motion was
seconded by Commissioner Dick Bird and, upon being put to a
vote, the vote was as follows:
Chairman Don C. Scurlock, Jr. - Yea
Vice -Chairman A. Grover Fletcher - Nay
Commissioner Patrick B. Lyons - Yea
Commissioner William C. Wodt.ke, Jr. - Yea
Commissioner Dick Bird - Yea
The Chairman thereupon declared the resolution duly
passed and adopted this 15th day of September , 1982.
Attest: I"'—
•FREDA WRIGHT, Cle {
APPROVED AS TO FORM
AND LEGA UFFIC ENCY
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yg�BtRANDENBURG
Ynty Attorney
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER ,C{OUNTY, FLORIDA
By I,, Ci
DON C. SCUR O K, JR, f
Chairman v
No. 1 $300,000.00
UNITED STATES OF AMERICA
® STATE OF FLORIDA
COUNTY OF INDIAN RIVER
ANTICIPATION NOTE
® FOR VALUE RECEIVED, the County of Indian River, Florida,
(the "issuer"), hereby promises to pay to the order of The First
a Bankers of Indian River County, at its principal office in the
City of Vero Beach, Florida, on or before November 15, 1982,
solely from the special funds hereinafter mentioned, in lawful
money of the United States of America, the principal sum of THREE
HUNDRED THOUSAND and 00/100 DOLLARS ($300,000.00) and interest on
such principal sum from the date hereof at the rate of 9.25% per
annum, until such principal sum shall be paid.
This note is issued pursuant to the constitutional laws
of the State of Florida, particularly 521F.431, Florida Statutes
(1975) and is in anticipation of the receipt from Farmers Home
Administration, United States of America, of SEVEN HUNDRED NINETY-
SIX THOUSAND AND NINE HUNDRED and 00/100 DOLLARS ($796,900.00) in
water and sewer grant funds for the :,outh County Water System, and
secondarily, and only to the extent and in the event grant funds
are insufficient, in anticipation of the receipt by the issuer of
the proceeds from the sale of not exceeding TWO MILLION SEVEN
HUNDRED FIFTY THOUSAND AND SEVEN HUNDRED and 00/100 DOLLARS
($2,750,700.00) principal amount of water and sewer revenue bonds;
Series 1982 of the issuer (the "bonds"). Said bonds being set
forth specifically in a resolution duly adopted by the issuer on
July 7, 1982, this note and the interest due thereon are payable
solely from and secured by a prior lien upon and a pledge of the
proceeds of the SEVEN HUNDRED NINETY-SIX THOUSAND AND NINE HUNDRED
and 00/100 DOLLARS ($796,900.00) water and sewer Farmers Home
Administration Grant and, if necessary, from the proceeds to be
derived from the sale of the water and sewer revenue bonds Series
1982 and may at issuer's option be paid from other unsecured
legally available non -ad valorem funds available to issuer.
This note shall not constitute a general obligation of
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the issuer, and the holder thereof shall never have the right to
require or compel the exercise of the power of the issuer to levy
do
ad valorem taxes for the payment of the principal of and interest
on this note.
It is hereby certified, recited and declared that all
acts, conditions and things required to exist, to happen and to be
performed precedent to and in connection ,-A th the issuance of this
note, exists, have happened, and have been performed in regular
and due form and time as required by the laws and constitution of
the State of Florida applicable thereto; and that the issuance of
this note and of the issue of notes of which this note is one does
not violate any constitutional or statutory limitation or provi-
sions.
IN WITNESS WHEREOF, the County of Indian River, Florida,
has issued this note and has caused the same to be signed by the
Chairman of its Board of. County Commissioners and its corporate
seal to be impressed hereon and attested and countersigned by the
Clerk of such Board, all as of the 15th day of September,
1982.
COUNTY OF INDIAN RIVER, FLORIDA
By �-.. G 4
DON C. SCURLOCK, JR.
Chairman
Board of County Commissioners
ATTESTED AND COUNTERSIGNED:
B y. "t L��`_- �
FREDA WRIGHT, Cler
Board of County Cdthmissioners
APPROVED S TO FORM
AND LEG SUFF �IEUNRC_',Y:.-*ByY B A D
C u y Attorney
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